According to the board of directors of the company, they have “expressed its disappointment about the methods adopted by the FIA in taking decisions of such a serious nature and its refusal to effectively reach an understanding with constructors and teams,”
Their press release also included a statement where “The rules of governance that have contributed to the development of Formula 1 over the last 25 years have been disregarded, as have the binding contractual obligations between Ferrari and the FIA itself regarding the stability of the regulations.”
This came in light of the proposal for a two-tiered budget structure which puts a ceiling to the amount of money teams can put in their activities which is at £40-million or about RM $214 million every year which do not cover marketing activities, driver’s salaries and such and others like fines and penalties. If the team wants to spend more than the ceiling cap, then they will be restricted to certain technical limitations but if they spend less, then they are allowed more freedom in areas like aerodynamics, horsepowers and such.
Apart from Ferrari, other ‘richer’ teams have also been reportedly contesting the decision like BMW, Toyota and Red Bull who owns both Red Bull Racing and Toro Rosso. Renault and Mclaren too have both voiced a similar sentiment.